MAIN LAND FINANCE PVT LTD,KOLKATA V. NATIONAL FACELESS ASSESSMENT CENTRE, DELHI

ITA 47/LKW/2024

AI Insights

Main Land Finance Pvt. Ltd., a Non-Banking Financial Company engaged in share trading and investment, filed appeals against the orders of the Commissioner of Income Tax (Appeals) for three different assessment years. The appeals were related to the reopening of assessments under section 147 of the Income Tax Act, where various additions were made by the Assessing Officer. The CIT(A) dismissed the appeals, and the Tribunal, after multiple adjournments and no representation from the assessee, upheld the CIT(A)'s decisions based on the arguments presented by the Departmental Representative.

• Counselvise Citation: [2026] 140 COUNSELVISE.COM (IT) 826701 (ITAT-LUCKNOW)
• Duration Of Justice: 1 year(s) 11 month(s) 6 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-01-2026
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2014-2015
• Appeal Filed On: 30-01-2024
• Laws Referred To: Income Tax Act
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: REVENUE WAS HEARD; AMIT KUMAR
• Section: 147

Judgement Text

"I.T.A. Nos.47, 48 & 49/Lkw/2024 Asstt. Years:2014-15, 17-18 & 18-19 1 IN THE INCOME TAX APPELLATE TRIBUNAL LUCKNOW BENCH ‘A’, LUCKNOW BEFORE SHRI KUL BHARAT, VICE PRESIDENT AND SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER I.T.A. Nos.47, 48 & 49/Lkw/2024 Assessment Years:2014-15, 17-18 & 18-19 Main Land Finance Pvt. Ltd., 3rd Floor, 69A Lenin Sarani, West Bengal-700013 PAN:AACCM3533D Vs. National Faceless Assessment Centre, Delhi. (Appellant) (Respondent) O R D E R PER ANADEE NATH MISSHRA:A.M. (A) These three appeals have been filed by the assessee pertaining to assessment years 2014-15, 17-18 and 18-19 against impugned appellate orders dated 30/11/2023 (DIN & Order No.ITBA/APL/S/250/2023- 24/1058365951(1), dated 08/12/2023 (DIN & Order No.ITBA/APL/S/250/ 2023-24/1058606785(1) and dated 08/12/2023 (DIN & Order No.ITBA/APL/S/250/2023-24/1058606785(1) respectively of Commissioner of Income Tax (Appeals) [“CIT(A)” for short]. Appellant by None Respondent by Shri Amit Kumar, D.R. Printed from counselvise.com I.T.A. Nos.47, 48 & 49/Lkw/2024 Asstt. Years:2014-15, 17-18 & 18-19 2 (B) The facts of the case, in brief, are that the assessee is a Non- Banking Financial Company engaged in share trading and investment business. The company provides short term and long term loans/advances to body corporate and thereby earns interest on it. The assessee’s case was reopened u/s 147 of the I. T. Act. The assessee is assessed to tax and filed its return of income. The Assessing Officer completed the assessments and made various additions against which the assessee went in appeal before the learned CIT(A). The learned CIT(A) dismissed the appeal of the assessee observing as under: Printed from counselvise.com I.T.A. Nos.47, 48 & 49/Lkw/2024 Asstt. Years:2014-15, 17-18 & 18-19 3 Printed from counselvise.com I.T.A. Nos.47, 48 & 49/Lkw/2024 Asstt. Years:2014-15, 17-18 & 18-19 4 Printed from counselvise.com I.T.A. Nos.47, 48 & 49/Lkw/2024 Asstt. Years:2014-15, 17-18 & 18-19 5 (C) During the course of hearing, none was present on behalf of the assessee. In the past also the appeals were fixed for hearing on 29/04/2024, 05/08/2024, 10/09/2024, 25/11/2024, 02/01/2025, 06/03/2025, 03/06/2025, 21/07/20254, 01/09/2025, 03/11/2025 and 18/12/2025 on which dates either the hearing was adjourned on the request of the assessee or there was no representation from the assessee’s side. On 18/12/2025 also, when the hearing was last fixed, none was present on behalf of assessee. In the absence of any representation from the side of the assessee, learned Departmental Representative for Revenue was heard, who relied on the orders of the authorities below. On careful perusal of the Printed from counselvise.com I.T.A. Nos.47, 48 & 49/Lkw/2024 Asstt. Years:2014-15, 17-18 & 18-19 6 impugned order of the learned CIT(A), and other materials on record, no infirmity is found in it. No material has been presented from either side to justify any interference with or modification of the impugned orders of learned CIT(A). Therefore, the impugned orders of learned CIT(A) are upheld and the appeals are dismissed. (D) In the result, all the appeals of the assessee are dismissed. (Order pronounced in the open court on 05/01/2026) Sd/. Sd/. (KUL BHARAT) (ANADEE NATH MISSHRA) Vice President Accountant Member Dated:05/01/2026 *Singh Copy of the order forwarded to : 1. The Appellant 2. The Respondent 3. Concerned CIT 4. D.R. ITAT Printed from counselvise.com "